Infrastructure investment and management firm John Laing Group has made a strategic move by purchasing a share in the transmission assets of the Hornsea 2 offshore wind farm.
This acquisition is part of a broader portfolio purchase from HICL Infrastructure, where John Laing is taking over HICL’s entire equity interest in four UK public-private partnership projects. This includes a 37.5% stake in the Hornsea 2 offshore transmission assets, and the total transaction amounts to £204 million.
The Hornsea 2 offshore transmission system plays a crucial role in connecting the Hornsea 2 offshore windfarm, located 90km east of the Humber Estuary in North Yorkshire, to the UK mainland.
This investment represents John Laing’s initial foray into the electricity networks sector, and the company is actively exploring other opportunities in the UK as electricity grids become increasingly essential for achieving decarbonisation and net-zero objectives.
The completion of all five acquisitions is anticipated to take place by the end of March 2024.
Chief Executive of John Laing, Andrew Truscott, said “We are delighted to acquire this portfolio of operational core infrastructure assets backed by long-term contracts linked to inflation.”
“These assets further diversify our current portfolio, building on our extensive education, health and renewable energy experience.”
“The transaction also marks our entry into the growing transmission sector, where we see exciting opportunities.”
BNP Paribas, White & Case, Gibson Dunn, Arup, Aon, PwC, and ERM advised John Laing.
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